The Government Agency That Insures Each Depositor at a Commercial

question 4

True/False

The government agency that insures each depositor at a commercial bank,savings and loan association,or mutual savings bank up to a loss of $100,000 per account ($250,000 for individual retirement accounts)is the Securities and Exchange Commission (SEC).

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Definitions:

Statute

A written law passed by a legislative body at the federal, state, or municipal level.

Discretion

The freedom to make decisions within the bounds of one's authority, often implying careful judgment and prudence.

Treatises

Detailed written works covering particular areas of law, often used as reference by legal professionals and scholars.

Hornbooks

A primer or textbook used for teaching reading, containing a basic overview of legal principles in a particular field of law.